The global automotive sensors market share is expected to create flourishing growth opportunities by rising at a year-on-year (YoY) growth with an impressive CAGR of 8.6% across the assessment period from 2023 to 2033. The global market totaled a valuation of US$ 44 billion by the year 2033. The increasing demand for excellent security and tracking system in vehicles will drive automotive sensors.
The market for automotive sensors is anticipated to expand steadily, driven by rising auto sales due to rising per capita income in emerging nations and the automation of automobiles. Consumer demand for comfort and safety is on the rise, and tough emission control measures that are intended to cut carbon emissions will also help growth.
Sales of automotive sensors will increase as automatic emergency braking systems (AEBS) are added to commercial vehicles to improve driver and passenger comfort and safety. South East Asian nations are also experiencing a sharp increase in the demand for vehicle sensors. The surge in demand can be attributable to two factors: growing auto production and increasing consumer knowledge of technology that enhances the safety of drivers and passengers.
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Compelling Market Trends
- There is a surging emphasis on improving overall performance is anticipated to bode well for the market. Moreover, advancements in the sensor industry will aid overall growth. A significant rise in the safety system failure concerning causalities has been witnessed that can negatively affect a company’s reputation among consumers. Growing efforts to develop modern safety sensors to reduce such incidence will drive the demand for automotive sensors over the forecast period.
- Governments also are imposing strict regulations to ensure driver safety in the automobile. Hefty penalties are charged to manufacturers in case of safety system failure-related accidents. Automotive sensors are used to improve driver safety and comfort, especially in commercial and luxury vehicles.
- tive sensors also boost performance and fuel efficiency in high-performance cars. The rise in the standard of living and increasing production of luxury vehicles will drive the sales of automotive sensors in the upcoming years.
Growth Drivers
The market will expand as a result of government legislation requiring the installation of safety sensors in commercial vehicles. The need for adaptive cruise control systems (ACCS) in sports utility vehicles and sedan cars in European and American countries will lead to growth prospects in the automotive sensor industry.
The popularity of truck platooning and the development of connected, autonomous vehicles will raise demand for automated driver assistance systems and connectivity. As a result, the need for automotive sensors for trucks will increase.
Advanced position, level, and speed sensors are being installed by original equipment manufacturers as a result of rising vehicle production and an increase in public concern for the safety of drivers and passengers. Sales of vehicle sensors are anticipated to increase as a result.
Restraints
The limited adoption of automotive sensors in compact and economic cars owing to the high cost of sensors will dampen growth prospects to an extent over the assessment period.
Competitive Landscape
The automotive sensor market is anticipated to be highly competitive attributing to the emergence of regional players and start-ups. Increasing sales of automobiles in emerging economies like Brazil, Turkey, Iran, and India is motivating market players to enter these markets by introducing new products at a lower prices.
NXP Semiconductors N.V., TE Connectivity, Continental AG, Denso Corporation, and Robert Bosch GmbH are identified as leading market players in the automotive sensors market.
In April 2021, Honda released its modern advanced driver-assistance system ADAS “Honda Sensing Elite” for a special range of vehicles available in Japan. The system has SAE level 3 capabilities and comes with a Traffic Jam pilot module.
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Key Segments Covered in Automotive sensors Market Study :
Sensor Type:
- Position Sensors
- Clutch Position Sensors
- Gear Position Sensors
- Throttle Position Sensors
- Crankshaft Position Sensors
- Steering Angle Position Sensors
- Camshaft Position Sensors
- Safety Sensors
- Seat Belt Sensors
- Brake Switch Sensors
- Door Switch Sensors
- ADAS Sensors
- Blind Spot Detection
- Night Vision Sensors
- Light Sensors
- Parking Sensors
- Cruise Control
- Impact Sensors
- Anti-theft Sensors
- Knock Detection Sensors
- Level Sensors
- Fuel Level Sensors
- Coolant Level Sensors
- Oil Level Sensors
- Oxygen Sensors
- Pressure Sensors
- Tire Pressure Sensors
- EGR Pressure Sensors
- Airflow Rate Sensors
- Temperature Sensors
- Engine Coolant Temperature Sensors
- Rain/humidity Sensors
- Oil/Fuel Temperature Sensors
- Battery Temperature Sensors
- Air Temperature Sensors
- Speed Sensors
- Wheel Speed Sensors
- Speedometer
Vehicle Type:
- Passenger Cars
- Compact
- Midsize
- Luxury
- SUVs
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Sales Channel:
- Original Equipment Manufacturers
- Original Equipment Supplier Spare Parts
- Independent Aftermarket
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- Middle East & Africa
- Japan
- China
- India
Valuable Insights into the Automotive Sensors Market
The surging implementation of stringent vehicle safety regulations combined with increasing demand for autonomous vehicles is predicted to boost sensor installation in vehicles manufactured in China.
Rapid industrialization and a rise in per capita income in India will lead to an increase in demand for automotive vehicles which in turn will fuel the demand for automotive sensors in the country.
As per the report conducted by Japan Automobile Manufacturers Association, the Japanese car production rate reached 7.70 million in 2019. The rise in vehicle production and advancement in electronics will drive the sales of automotive sensors in the Japanese automotive market.
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